If You Traded Today Did You Feel Like This?
What do you want me to do in a $13 range that had all the elements of the FWD [Flying Wedge of Death]?
We were looking to buy below 1619, but the market never got there. Never lower at all during the day except for a brief mystery tick that set the low at 1619.59 [bid]. Otherwise, just brief spurts of activity when crude got excited.
So, we wait. Frustrating to just sit here, but that’s what the algo calls for, so that’s what we do.
Crude oil got excited today and had a small reversal on news that Egypt fired a missile into Israel: still only had a 201 tick range though. This market is starting to feel manipulated as well; and why not since equities [ES], gold, and silver are already there?
I’m putting the finishing touches on the new algorithm document that will be available Sunday night sometime. I’m very happy with the changes, and if the market had cooperated today with just a few bucks more to the downside, we would have had a very nice day. If I had followed the algo using the old dynamic, we would have gotten chopped up pretty good. Suddenly, waiting doesn’t seem so bad.
Tomorrow is NFP Friday, so expect the usual fireworks at 7:30 A.M.
Have a good day everyone.
-vegas
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